Bitcoin quotes exceeded the $71,000 mark, recording a new all-time high (ATH). Over the past day, its price grew by 2.8%. Analysts predict further growth in the value of the asset.

Bitcoin Surpassed $71.5K and Set New ATH

According to CoinGecko data, the price of BTC on March 11 rose above $71,500, setting a new ATH of Bitcoin at $71,787. CoinMarketCap reports that the historical maximum was recorded at $71,830. As of 13:30 (GMT+2), the price of BTC is $71,766. 

Over the past 24 hours, BTC quotes grew by 2.8%, causing altcoins to follow suit. Almost all assets from the top 20 were in the green zone during this time. ETH rose by 2.2% and reached $4,000, while SOL added 2.3% over the day, hitting $149. The most active growth was shown by meme coins DOGE and SHIB, which rose in price by 3.6% and 4.5%, respectively, over the past 24 hours.

Among the catalysts for the growth of Bitcoin and the entire crypto market, analysts name the upcoming halving and the growing interest of investors in spot Bitcoin ETFs. Most experts agree that BTC quotes will continue to fluctuate, with periods of sharp increases and decreases in value. Some analysts expect that in this way, the asset could reach the $200,000 mark even before the halving in April. The halving may cause investors to actively sell BTC, potentially leading to a collapse in BTC quotes to $52,000.

Some experts’ concerns are related to a possible shortage of BTC after the halving, as the asset is very popular among investors. Matt Hougan, CIO of Bitwise, said that the company is in talks with several individual retail investors, family offices, hedge funds, and venture capital funds interested in investing in spot Bitcoin ETFs. Meanwhile, issuers of exchange-traded funds are actively redeeming BTC amid the growing popularity of their assets. For example, BlackRock already owns 197,943 BTC, Grayscale owns 399,742 BTC, and Fidelity owns 126,082 BTC. 

The upcoming Federal Reserve meeting, at which U.S. politicians may announce a reduction in the key interest rate, is exerting pressure on Bitcoin quotes. The latest report on unemployment in the U.S. showed an increase to a two-year high of 3.9%.

Over the past week, Bitcoin quotes began growing actively, adding almost 10% of the value. On March 5, the price of BTC almost reached the ATHbut fell short by 1%. Then, on March 6, it broke through the $69,000 mark and dropped sharply for several hours.

Author: Nataly Antonenko
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